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◆ Follows RT1 from Crédit Agricole ◆ Still ample demand for insurance capital, rival banker says ◆ Cardif's third capital trade since November
◆ Insurer's debut in euros, having issued in US dollars and sterling ◆ Took larger end of size range ◆ Deal offers relative value to Aussie banks, lead says
◆ UK bank's first European opco deal in more than five years ◆ Higher real rates spurred demand for short-dated assets ◆ Larger FRN clears with no premium
Data
Currency's higher yielding appeal has lured investors across the capital stack
Issuers seizing moment as rates stabalise and spreads hold near historic tights but some deals betray signs investors growing sensitive on price
Less frequent issuers making the most of market with strong bid for yieldy assets
Borrowers want to issue and spreads are tight, but execution windows are very unreliable
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◆ €500m no-grow print avoids competing supply ◆ 15bp-20bp needed to seal the deal ◆ Smaller names should be prepared to pay up in August supply rush -
German issuer de-risked the trade but deals next week may say more about sentiment
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◆ Investors flock to rare senior sterling sale ◆ 35bp spread move the joint largest of the year so far ◆ Danske joins sterling frenzy with second helping of senior pref
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German issuers lining up themed follow-on new issues
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◆ Second opco Kangaroo deal more than twice covered ◆ UK firm includes floating rate tranche for the first time ◆ Recent deals show the depth of the Aussie dollar
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◆ Second bail-in euro note to also carry a green label ◆ Trade expected on Thursday following a day of investor calls
Polls and awards
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
Don't miss your chance to choose this year's Bond Award winners
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
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